Mar 18, 2023 | Politics

Another Financial Firm Files For BANKRUPTCY

Another Financial Firm Files For BANKRUPTCY

Ray Dalio recently issued this stark warning on the Silicon Valley Bank collapse, likening the meltdown to a “canary in the coal mine.”

In other words, the initial collapses of Silicon Valley Bank and Signature Bank were simply the first dominos to fall and the worst likely hasn’t happened yet.

We recently saw Meta lay off an additional 11,000 workers, though the company claims that the cuts were brought on by a shifting core focus for the social media giant—the tech sector is hurting.

On Friday, another major financial firm filed for Chapter 11 bankruptcy protection—SVB’s parent company, the Silicon Valley Bank Financial Group.

SVB Financial Group has become the latest to go under due to credit contraction and the lack of easy money—will the next one be Credit Suisse?

Here are the latest developments:

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